The common shareholder stands last in line to be paid, and because of this additional risk the shareholder demands a higher expected return than does the bondholder. 股東在最后才得到支付，而正是由于這種額外的風(fēng)險，股東相對債券持有者而言要求一個(gè)更高的期望收益。
In addition, structural change and asymmetric effect exist in the stock markets of our country.Markey risk and expected returns are positively correlated. 另外我們還發(fā)現我國股市中存在著(zhù)結構性變化和不對稱(chēng)效應，而且市場(chǎng)風(fēng)險和期望收益之間存在正向關(guān)系。
